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Singapore stocks end up 1.58 pct

by November 10, 2016 General

SINGAPORE, Nov. 10 (Xinhua) — Singapore shares closed 1.58 percent higher on Thursday, buoyed by sharp recovery in U.S. markets overnight.

U.S. stocks rebounded sharply after Donald Trump had given a reconciliatory speech for his victory in presidential election. There were also hopes in the market that Trump’s plan to cut corporate taxes and ease repatriation of firms’ overseas cash will boost the U.S. economy.

Singapore’s benchmark Straits Times Index rose 44.21 points to 2,834.09 points. Trading volume was 1.96 billion shares worth 1.56 billion Singapore dollars. Advancers outnumbered decliners 310 to 124, while 469 stocks did not move.

Among top actives, Ezion Holdings jumped 6.5 percent to 33 Singapore cents. It reported a 69.1 percent decline in third-quarter net profit to 9.4 million U.S. dollars from 30.4 million U.S. dollars in the same quarter a year ago on lower revenue. Its revenue for the quarter was down 7.4 percent at 79.8 million U.S. dollars compared to 86.2 million U.S. dollars in third quarter last year. This was mainly due to modifications and routine class surveys conducted on the group’s service rigs; a reduction in charter rates; and the postponement of the commencement of a customer’s project, which resulted in the delay of the deployment of several service rigs.

City Developments rose 1.2 percent to 8.60 Singapore dollars. It reported a 60 percent rise in its third quarter net profit to 170.3 million Singapore dollars from 106.4 million Singapore dollars a year earlier, helped by higher property sales and gains from the divestment of its stake in a hospitality firm. Its revenue rose 14 percent on year to 922.8 million Singapore dollars. It had cash on hand of about 3 billion Singapore dollars, and a relatively healthy balance sheet.

Among the top gainers, Jardine Matheson rose 1.3 percent to 57.73 U.S. dollars, whereas Mapletree Commercial Trust became one of the top losers by falling 3.2 percent to 1.495 Singapore dollars. (1 U.S. dollar equals to 1.40 Singapore dollars)